New Business Tax System (Integrity and Other Measures) Act 1999 (Incorporating amendments up to Act No. 78 of 2001) (169 of 1999)
Schedule 6 Changes in ownership or control of company
Income Tax Assessment Act 1997
5 Section 165-93
Repeal the section, substitute:
165-93 What this Subdivision is about
In working out its *net capital gain for an income year, a company cannot apply a *net capital loss for an earlier income year unless:
(a) it has the same owners and the same control from the start of the *loss year to the end of the income year; or
(b) it carried on the same business, entered into no new kinds of transactions and conducted no new kinds of business.
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